Biden announces plan to cancel some student loans

President Joe Biden
President Joe Biden (Shutterstock)

President Joe Biden on Wednesday rolled out plans to cancel up to $10,000 in federal college loans for those making under $125,000 annually. Low-income households that took a Pell grant to pay for college are eligible for an additional $10,000 loan-forgiveness.

The Democratic Party has called for student loan forgiveness since the 2020 presidential campaign—when Biden first promised to include some element of student loan forgiveness during his presidency. 

Are there concerns about Biden’s plan? Almost as soon as Biden finished speaking, reporters in the room began to ask if the President thought the plan was fair to students who had already finished paying their loans, a question shared by many conservative onlookers.

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In response, Biden pointed to GOP tax cuts passed under President Trump: “Is it fair to people who, in fact, do not own multibillion-dollar businesses, if they see one of these guys getting all the tax cuts? Is that fair? What do you think?” 

Senate GOP leader Mitch McConnell said the plan was “giving government money to elites with higher salaries.” 

This story originally appeared in WORLD. © 2022, reprinted with permission. All rights reserved.

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